The EU Corporate Sustainability Reporting Directive (“CSRD“) entered into force on 5 January 2023 and the associated European Sustainability Reporting Standards (“ESRS“) were adopted by the European Commission on 31 July 2023. Together, the CSRD and ESRS create detailed sustainability reporting requirements that will apply to a significant number of EU
ESMA Release Public Statement on Sustainability Disclosure in Prospectuses
On 11 July 2023, the European Securities and Markets Authority (ESMA) published a public statement on sustainability disclosure in prospectuses.
The statement is addressed to the National Competent Authorities (NCAs) to promote coordinated action regarding sustainability-related disclosure included in prospectuses under current legislation. While the statement is addressed to NCAs, ESMA have said that its
Greenwashing: Navigating the Risk
The risk of an accusation of “greenwashing” is now an important concern for many companies. Greenwashing is an ill-defined concept but, nevertheless, is increasingly a source of litigation and regulatory scrutiny – with more of both expected. It carries with it reputational, regulatory and litigation risks for which companies should be prepared. Whilst the risks
Capital Markets Insight: The EU Green Bond Standard
In this briefing, we take a look at the EU Green Bond Standard.
The Council of the European Union and the European Parliament recently announced that provisional agreement on the European Green Bond Standard had been reached. The consolidated legal text is now widely available and can be viewed here along with a blackline against
Capital Markets Insight: Sustainability-linked Bonds
Sustainability-Linked Bonds: Some practical considerations for documenting and structuring transactions
In this briefing, we take a look at sustainability-linked bonds (“SLBs”), which have fast become an important feature of the sustainable finance market. According to Climate Bonds Initiative, SLB issuance reached US$76.3 billion in 2022, and we have seen an increasingly wide variety of corporate
Capital Markets Insight: Reverse Yankees
Welcome to the first edition of our Capital Markets: Insight series – our view on the important topics and trends affecting the debt capital markets.
In this briefing, we take a look at the basics of “Reverse Yankees” – when and why they might be an attractive funding choice and the documentary options for coming
Alert – Council of the EU and European Parliament Reach Provisional Agreement on European Green Bond Standard
On 28 February 2023, the Council of the European Union and the European Parliament reached a provisional agreement on the creation of the European Green Bond Standard (“EU GBS“).
Background
The idea of an EU Green Bond Standard has been in development for many years. An initial proposal for a European standard for green bonds
EU Corporate Sustainability Reporting Directive – new sustainability disclosure obligations for EU and non-EU companies
On 10 November 2022, the EU Parliament adopted the Corporate Sustainability Reporting Directive (“CSRD”). The EU Council is expected to adopt the CSRD on 28 November 2022, after which it will be published in the Official Journal. The CSRD will then enter into force 20 days after publication and EU member states will have 18